Egypt’s Mtor nabs $2.8M pre-seed for its online auto parts marketplace

Egyptian online auto parts marketplace Mtor has raised $2.8 million in pre-seed investment led by Egypt-focused venture capital firm Algebra Ventures. Other investors that participated in the round include Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital and other local and global angel investors, the startup said in a statement.

Mtor’s founder and CEO, Mohamed Maged, established the startup in April 2022. His inspiration for the venture emerged from years spent in Germany, where he gained valuable experience in the automotive sector. Upon returning to Egypt in 2020, Maged joined the B2B e-commerce marketplace MaxAB, holding two distinct head of expansion roles before departing to launch Mtor.

In an interview with TechCrunch, Maged described how he recognized a significant challenge in addressing inefficiencies and fragmentation within the auto parts supply chain and the automotive aftermarket, specifically focusing on local workshops and car mechanic spaces. “I got the idea for Mtor before coming to Egypt,” he said. “I worked in automotive a bit and saw the inefficiency of global suppliers knowing nothing about local workshops or local service providers. Egypt itself doesn’t manufacture that many spare parts, so there is a big information and technical gap not only in terms of distribution but in terms of new products.”